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Fair Credit Reporting Act
The Fair Credit Reporting Act
(FCRA) is designed to help ensure that Credit Reporting Agencies (CRA's) furnish correct and complete information to businesses to use when evaluating your application. Under the Fair Credit Reporting Act:
(FCRA) you have certain rights that protect you. Some of these rights are enumerated below.
You have the right to receive a copy of your credit report. The copy of your report must contain all of the information in your file at the time of your request.
You have the right to know the name of anyone who received your credit report in the last year for most purposes or in the last two years for employment purposes.
Any company that denies your application must supply the name and address of the CRA they contacted provided the denial was based on information given by the
CRA.
You have the right to a free copy of your credit report when your application is denied because of information supplied by the
CRA, or if you are on public assistance. Your request must be made within 60 days of receiving your denial notice.
The new Fair and Accurate Credit Transaction Act, or
FACTA, also requires all three of the major credit reporting agencies to provide one free copy of their credit report each year. This allows consumers to verify the accuracy of their credit report and to spot possible fraud or identity theft early.
If you contest the completeness or accuracy of information in your report, you should file a dispute with the CRA and with the company that furnished the information to the
CRA. Both the CRA and the furnisher of information are legally obligated to reinvestigate your dispute. You have a right to add a summary explanation to your credit report if your dispute is not resolved to your satisfaction.
The 3 major credit bureaus:
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